Sun, Dec 04, 2022 @ 07:34 GMT
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EUR/USD Prepares For Bullish ABC Zigzag Pattern

The EUR/USD made a bearish pullback after the strong bullish rally earlier this week. What is the next wave pattern for this largest currency pair?

The EUR/USD correction is complex and choppy and could unfold in numerous ways. For the moment, a larger WXY (pink) correction seems the most likely scenario. The recent bottom could have completed a wave X (pink).

The EUR/USD seems to have completed 5 bullish waves (blue) within a larger wave A (purple). The 5-wave pattern could indicate a larger bullish ABC zigzag (purple). A bearish break below the support trend line (green) could indicate an expanded ABC correction within wave B (purple) whereas a bullish breakout above the resistance trend line could indicate a wave C (purple). The invalidation level of the ABC (purple) zigzag is if price breaks below the bottom of wave A at 1.1530.

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